Kansas Statutes 79-32,139. Taxation of subchapter S corporate income
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Terms Used In Kansas Statutes 79-32,139
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
A corporation having an election in effect under subchapter S of the internal revenue code shall not be subject to the Kansas income tax on corporations, and the shareholders of such corporation shall include in their taxable incomes their proportionate part of such corporation’s federal taxable income, subject to the modifications as set forth in Kan. Stat. Ann. § 79-32,117, and amendments thereto, in the same manner and to the same extent as provided by the internal revenue code.